Is There Any Reason?

[cmondynamite]

I have accounts with the Cheshire, Derbyshire and the Dunfermline. I do not have very much in each account. Is there any reason to hold onto them, now that they all fall under the Nationwide umbrella? I already had a Nationwide account, opened way back in 1997, so I'm not subject to the sign-away.

Any advice would be gratefully received. I'm trying to tidy up my savings portfolio.

[EarthBoy]

No reason to keep them at all, -unless they are paying a good rate of interest.

[1User]

Cmondynamite,

I closed my Cheshire, Derbyshire and Dunfermline accounts as they matured. However - for the terminally indecisive - the Nationwide group has (recently) offered BRANCH accounts at Cheshire and Derbyshire paying a better rate of interest than is available at Nationwide (branded) branches.

Technically the accounts are only available at branches and are open to anyone who strolls up to a branch but POSSIBLY (although extremely unlikely) an existing account holder could just possibly open such an account over the phone if they do not have easy access to a Cheshire (or whatever) branch.

But it is unlikely and in my case it wasn't worth it and I closed my accounts.

Also, to repeat EarthBoy, if the accounts offer a particularly good rate then it would be foolish to close them until the rates drop.

1User

[planteria]

i just have my Nationwide account, and have closed the other three

[patientperson]

Derbyshire, Cheshire and Dunfermline are classed as Trading Divisions of Nationwide.
The members got nowt when they were given to Nationwide but what would happen id a trading division was sold off?
Any gains for anyone? - apart from the directors of course.

[planteria]

i can't see Nationwide selling any of those divisions.
if they did, Nationwide's membership would 'benefit'

[EarthBoy]

It would be very difficult to sell the Derbyshire, Cheshire or Dunfermline because of the simple fact that legally they don't actually exist. They are just the Nationwide with a different name over the door. I know of no legal means for any building society to sell off some of its branches and customers to another organisation. Nationwide would first have to set these divisions up as separate organisations, e.g. set up limited companies with those names. To sell them without doing so would probably need a private Act of Parliament which would be very expensive and thus reduce any possible profit to the Nationwide in selling them. The costs would certainly extinguish any hopes of a payment to members.

Anyway, far from selling these divisions, the Nationwide actually plans to drop the Cheshire, Derbyshire and Dunfermline names and rebrand everything simply as Nationwide. They stated as much in the lastest annual report and accounts. So there soon won't be any divisions left to sell.

[rufushunt]

10/10 for optimism here in the Mail ...

http://boards.thisismoney.co.uk/pers...ngs-offer.html

[patientperson]

Anyway, far from selling these divisions, the Nationwide actually plans to drop the Cheshire, Derbyshire and Dunfermline names and rebrand everything simply as Nationwide. They stated as much in the lastest annual report and accounts. So there soon won't be any divisions left to sell.

When and if Nationwide do merge as one brand they will no longer be able to raise capital in a selective manner by offering deals to the divisions. We shall see.